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Saudi Arabia’s Cabinet approved on Tuesday the special residency permit for entrepreneurs, investors, and skilled expatriates. Saudi’s Shoura Council had approved the special visa last week.

The new Green Card-style “Privileged Iqama” (residency permit) law will see foreigners benefit from the new residency scheme, which will not require a Saudi sponsor or employer.

According to the law, the residency permits will be offered to highly skilled expatriates who will benefit from added advantages including the ability to recruit workers, own property and transport, and enter and exit the Kingdom without a sponsor.

The permits will also include a family status so that a holder can issue visit visas for relatives.

There will be two types of systems under the permit, one which can be used for an unlimited period and the other valid on a yearly basis and subject to renewal.

Requirements for foreigners to obtain the new Privileged Iqama permit include having a valid passport, a good credit report, a health report, and a clean criminal record.